What is Apec? Asia-Pacific leaders to gather in South Korea
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Apec meetings began on Oct 27 and will run through Nov 1.
PHOTO: REUTERS
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SEOUL – Leaders from 21 Pacific Rim economies will gather this week in Gyeongju, South Korea, for the Asia-Pacific Economic Cooperation, or Apec, forum.
Meetings began on Oct 27 and will run through Nov 1, though talks are expected to be overshadowed by US President Donald Trump’s sweeping global tariffs and high-stakes trade standoffs with China and other nations.
Mr Trump will arrive on Oct 29 but is scheduled to depart before the Apec leaders’ summit itself. He is expected to see Chinese President Xi Jinping for their first in-person meeting of Mr Trump’s second term, as the two countries seek to dial down trade tensions.
The following are facts about the Apec meeting:
Apec, which was founded in 1989, has 21 members that represent more than 50 per cent of global GDP and are home to some 2.7 billion people, or 40 per cent of the world’s population. China, Russia and the US are three of the group’s largest members. The Apec region generated 70 per cent of the world’s economic growth during its first 10 years of existence.
Leaders of the countries meet annually. The last gathering was in November 2024 in Peru, dominated by worries over the incoming Trump administration’s vows to enact tariffs and reverse course on issues like climate change.
The economic club aims to encourage cooperation and reduce trade and investment barriers, though decisions made at meetings are non-binding and consensus has been increasingly difficult. South Korea says it wants to use the 2025 forum to discuss supply chains, the World Trade Organization’s role in fostering a free and fair trade environment, as well as advancing the Free Trade Area of the Asia-Pacific, an agreement designed to eventually include all Apec members.
The agenda also includes topics like adapting to digital change, harnessing artificial intelligence, sustainable energy, food supplies, responding to demographic shifts and increasing opportunities for women and people with disabilities.
South Korea is hosting Mr Trump and Mr Xi for state visits and it is hoping to make progress on a trade deal with the US.
President Lee Jae Myung has suggested Mr Trump use the visit to engage with North Korean leader Kim Jong Un, but it is unclear whether a meeting will happen. REUTERS
